Rich Dad Poor Dad Bullish on Bitcoin, Calls Fiat ‘Scam’

Bitcoin (BTC)–Despite the sinking valuation of the cryptomarkets, Bitcoin continues to find advocates from various sectors of society. Robert Kiyosaki, author of the best selling financial advice book Rich Dad, Poor Dad, came out in a recent podcast with strong support for Bitcoin and cryptocurrency, in addition to describing the US-backed dollar as a “scam” and saying that fiat would fail to outlast crypto and a re-emergence of precious metals.

Echoing other sentiments like Peter Schiff, Mr. Kiyosaki stated that he believes the U.S. economy and mainstream financial system predicated on Wall Street is heading towards an immense collapse, one that will eclipse 2008 in terms of financial loss and damage to investors,

“Unfortunately we had a big crash in 2000, they called it the dotcom crash, then in 2008 it was the subprime real estate crash. The next is going to be the biggest of all. When it’s coming I don’t really know, but the foreshocks are sounding right now.”

In addition, the personal finance author had harsh criticisms for fiat and other government-controlled forms of money, in particular finding fault with an argument so often levied against Bitcoin: that there is little intrinsic value backing the dollar aside from what the government ascribes it. As some have pointed out, governments are required to accept fiat for taxes, thereby giving it some measure of real-world value over an alternative like cryptocurrency, But Mr. Kiyosaki doesn’t buy into the belief that fiat holds a sacred position in society, one that cryptocurrency or precious metals could never replace,

“There’s so much fake money. In 1971 Nixon took the dollar off the gold standard and the US dollar became fake money.”

The author also continues to by slamming the propensity for government-caused inflation, again finding support in the deflationary nature of cryptocurrencies–or at least the inability of rampant new printing of money,

“The problem is it also became invisible, so they could print as much as they wanted. That’s why savers got wiped out.”

Mr. Kiyosaki echoes some of the similar arguments of Peter Schiff, who has been labeled by many in the cryptocurrency industry as a detractor of crypto despite holding overlap in views towards decentralization. Like Schiff, who is credited for warning ahead of the 2008 collapse and now predicting a new crash in the market, Mr. Kiyosaki finds safety in the precious metals industry, saying that the average person can protect themselves from the influence of Wall Street and reckless behavior by the banking conglomerate by seeking refuge through gold and silver,

“For the average person just buy some Aussie gold or silver coins from the Perth Mint. When the dollar goes down, gold goes up.”

In his most bullish statements towards cryptocurrency, Kiyosaki commented that he believes government fiat will fail to have the same lifespan as cryptocurrency and precious metals, stating that crypto will come to be seen as the people’s money. Speaking in an interview on the Sane Crypto Podcast, Kiyosaki had this to say,

“God’s money, which is gold and silver, will be here after the cockroaches go extinct, and people’s money, which is [crypto] currency…I think the dollar is toast because gold and silver and cyber currency are going to take it out.”